XML 16 R6.htm IDEA: XBRL DOCUMENT v3.5.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash Flows From Operating Activities:    
Net income $ 317,769 $ 135,980
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
(Income) loss from unconsolidated joint ventures (2,643) 381
Depreciation, Depletion and Amortization 43,193 22,369
Amortization of stock-based compensation 11,216 8,620
Excess tax benefits from share-based payment arrangements (8,573)
Deferred income tax provision 8,118 52,132
Other operating activities 100 633
Changes in cash and equivalents due to:    
Mortgage loans held for sale 154,622 88,360
Inventories - owned (366,095) (521,646)
Inventories - not owned (29,192) (21,612)
Other assets 7,665 8,862
Accounts payable 13,122 37,669
Accrued liabilities 9,787 (19,005)
Net cash provided by (used in) operating activities 167,662 (215,830)
Cash Flows From Investing Activities:    
Investments in unconsolidated homebuilding joint ventures (27,000) (83,288)
Distributions of capital from unconsolidated homebuilding joint ventures 23,727 10,289
Other investing activities (5,389) (11,716)
Net cash provided by (used in) investing activities (8,662) (84,715)
Cash Flows From Financing Activities:    
Change in restricted cash 7,309 1,047
Borrowings from revolving credit facility 1,008,000 491,400
Principal payments on revolving credit facility (862,000) (222,700)
Principal payments on secured project debt and other notes payable (10,389) (569)
Principal payments on senior notes payable (280,000) (29,789)
Proceeds from the issuance of senior notes payable 300,000
Payment of debt issuance costs (2,657)
Net proceeds from (payments on) mortgage credit facilities (141,524) (10,554)
Repurchases of common stock (137,464) (22,073)
Common stock dividend payments (14,264)
Issuance of common stock under employee stock plans, net of tax withholdings 1,868 (461)
Excess tax benefits from share-based payment arrangements 8,573
Other financing activities (199)
Net cash provided by (used in) financing activities (131,320) 214,874
Net increase (decrease) in cash and equivalents 27,680 (85,671)
Cash and equivalents at beginning of period 186,594 212,393
Cash and equivalents at end of period 214,274 126,722
Cash and Cash Equivalents, at Carrying Value $ 186,594 $ 212,393